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economictimes.indiatimes.com / 1 year ago
Piramal Enterprises hit with nearly $172 million tax bill for pharma deal
Piramal Enterprises said in an exchange filing on Friday that it had received a tax demand of 15.02 billion rupees (nearly $172 million) for the sale of its pharmaceutical business to Piramal Pharma in fiscal year 2021.
A tax office in the state of Maharashtra has asked the financial services company to pay 18% Goods and Services Tax (GST) on the deal, the latter said in the filing.
The tax bill amounts to about 15% of its revenue for the fiscal year ended March 31, 2024. Piramal Enterprises said it has solid grounds to challenge the «unjustified» demand.
The company sold its pharmaceutical business and other related units to Piramal Pharma for 44.87 billion rupees in October 2020.
Maharashtra's tax office has contended that the transfer of its pharma business to Piramal Pharma counts as an itemized sale and not a slump sale, the company said.
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